TRON Price Analysis: TRX has broken out of it's consolidation zone

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All of the major cryptos have bounced today as bullish sentiment returned to the crypto sphere. TRON struggled after breaking though the major support levels during the fall. Against Bitcoin, TRX is currently changing hands at 172 SAT and if the bulls can hold the price tight as it is, the next key targets price lies at 200 SAT and 220 SAT respectively. Meanwhile, RSI is trying to recover from the oversold and may likely give some possible bullish signals for the next few today.

There is a large known buying area which runs from $0.02400 down to $0.02150. TRX/USD had required comfort from this zone on several occasions since January. Prior to acting as demand, the zone was supply, having largely capped the bulls from greater upside. Given the current downside pressure from the bears, the price has been forced to give way and break back below the demand zone.

4 hours MACD – The MACD for TRX/USD is slowly losing momentum in the bearish zone. A low is formed near $0.0122 and the price is currently correcting higher. Besides, the 23.3% Fibonacci retracement level of the recent drop from the $0.0135 high to $0.0122 low is also near $0.0125.

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Bitcoin dropped to $6,754 on Monday and spend the most part of the week consolidating under the critical resistance level $7,000. Bitcoin Cash extended the bearish action on Monday below the $240 support. During the weekend, Bitcoin managed to overcome the first resistance level created by a medium-term downward trend line. But today it meets the 200-day simple moving average and the upward movement has become more complicated.

are 41 small all-purpose support robots from the Mega Man Legends series created by Tron Bonne, each with its own distinct personality and talent. They are henchmen loyal to the Bonne family of air pirates and are the crew on board the Gesellschaft. They work in several tasks like piloting the Gesellschaft and fighting machines used in missions, cleaning, cooking, help Tron build and repair machines, among others in their schedule. Although Tron built forty Servbots, forty-one of them exist, with the origin of the forty-first Servbot being unknown to her.

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TRXBTC – Daily ChartHowever, if the bulls failed to push the price to the nearest resistance, the market could resume its bearish trend. More so, Tron price may likely see a sharp drop at 160 SAT support level as it moves below the 21-day moving average. Breaking this level could further push the market to the nearest support levels at 140 SAT, 120 SAT, and 110 SAT. TRON price is slowly showing a few bearish signs against the US Dollar, similar to bitcoin. TRX price must stay above the $0.0120 support zone for a fresh upward move.

According to the chart analysis, the market structure may likely form the Head and Shoulder, and if this setup becomes valid, TRX/USD pair will more likely visit the low at the major demand zone. However, the above view would be invalidated if the price breaks the predetermine supply zone at $0.031 because the bulls would have dominated the entire coin. The outlook of Tron (TRX) market is bearish; the downtrend is expected to continue towards the major demand zone at $0.011. Looking at the daily chart, the market is consolidating and the potential supports lies at $0.013, $0.011 and $0.009 levels.

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The main hurdle for the bulls is still near the $0.0135 level, above which the price might attempt a test of the $0.0140 pivot and resistance zone in the near term. There was a break below the $0.0130 support level and the 55 simple moving average (4-hours). The price even broke the $0.0125 support and approached the main $0.0120 support zone. Recently, TRON price made another attempt to gain strength above the $0.0135 resistance area against the US Dollar.

We can expect close demand at the 170 SAT before breaking to 165 SAT and potentially 160 SAT. In other words, if a bullish movement occurs and validates a break significantly above the mid-term supply at 190 SAT; we can then confirm an upward movement for the market. The RSI has remained below level 40, trying to enter into the oversold zone. As of now, the technical indicators have turned down, which indicates that we may see a positive move in the market once they turn upward.

As things stand, the overall outlook of Tron (TRX) market is bearish; the downtrend is expected to continue towards the major demand zone at $0.011. And if that zone gets defended by the bulls then, we may see the price recovering to the upside.

If the price continues to recover above $0.0125, it could test the $0.0128 resistance level. It is close to the 50% Fibonacci retracement level of the recent drop from the $0.0135 high to $0.0122 low. Azeez Mustapha is a technical analyst, has many years of trading experience in the stock exchange and the crypto markets. TRXUSD – Daily ChartTRX/USD is fluctuating in the bearish region within the descending channel, which could be a little concerning at the moment. It seems that traders may need to be patient to take advantage of some feedback on the Tron network.

  • Breaking this level could further push the market to the nearest support levels at 140 SAT, 120 SAT, and 110 SAT.
  • TRXBTC – Daily ChartHowever, if the bulls failed to push the price to the nearest resistance, the market could resume its bearish trend.
  • More so, Tron price may likely see a sharp drop at 160 SAT support level as it moves below the 21-day moving average.

Never miss our daily cryptocurrency news, price analysis, tips, and stories.Join us onTelegram|Twitteror subscribe to our weeklyNewsletter. The over trend of this market is bearish, but the near term demand zone is located at $0.011, and if this zone holds, then the price may give limelight to the upside. TRXBTC – Daily ChartIn addition, TRX/BTC is currently trading below the 9-day and 21-day moving averages at the 182 SAT.

Looking at the daily chart, the TRX/USD pair is maintaining a downtrend as the bears are preparing for more selling pressure. The market is consolidating and the potential demands lie at $0.011, $0.010 and $0.009 levels. —ServbotsTron Bonne and Servbots are a playable solo unit in one on Project X Zone. Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. TRXUSD – Daily ChartTron (TRX) is fluctuating in the bearish zone, which might be a little concern as of now.

If that is the case it will mean the price has bounced just over 97% from the recent low. Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors.

However, if the bull could step back into the market, a trend reversal may resurface and push it to the resistance levels at $0.022, $0.024 and $0.026. The RSI is recovering from the oversold zone, which may likely give some bullish signals. Should TRX/USD bulls fail to regather enough momentum in pushing the price back above the noted territory, then the sellers could further move in. The next major zone of potential safety is seen from $0.01900 down to $0.01600. Between 28th June to 6th July, TRX/USD stabilized above a key acting demand zone, $0.03100-$0.02100.

It seems that traders might have to bear some patience to enjoy some returns in the Tron network. Meanwhile, they might want to work upon avoiding any losses if the value is dropped every day. The Tron price has been under heavy selling pressure since the late part of June. Sellers hit TRX with some large force after running into a known supply area heading into the $0.04000 territory. TRX/USD is producing a daily evening star candlestick, following it hitting a double top on 25th June.

Since the sellers regained control, TRX/USD has fallen a whopping 50% from the heights of $0.04030 down to $0.02000 on 16th July. During the current near-term bear market, the price has broken and retested a critical ascending trend line.

The price could start a fresh increase to $0.0135 or dive towards the next support at $0.0105. Looking at the chart below, you can see the 0.01109 level has been broken to the upside. The red resistance level at 0.01412 could now be tested because its the next resistance on the way up.

During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.

However, TRX price failed to continue higher, formed a swing high at $0.01355, and started a fresh decline. TRX price is likely to find a strong buying interest near the $0.0120 zone.

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It had been acting as support from 10th May before it was breached on 27th June, exacerbating the move to the downside. If the price fails to stay above the $0.0120 support, it could dive sharply towards the $0.0110 level. The next major support is near the $0.0105 level, where the bulls are likely to emerge.

It was in line with the prior rejection seen earlier in June on the 2nd, where a significant retreat in the price was forced. There is a key bullish trend line forming with support near $0.0122 on the 4-hours chart.

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The price was then able to regain some upside momentum, seeing a retest of the above-noted broken trend line. The retest was then met with rejection, as the prior support acted as a new firm resistance. Technically, the move played out to the textbook with the breakout and retest.

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Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. Tron Zone Technologies Limited is majorly in Real Estate and Renting business from last 26 years and currently, company operations are strike off. Current board members & directors are SANJAY KUMRA KASHYAP, DHARMENDER KUMAR and JITENDER KUMAR .